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E. Permits - Prior to the start of any construction, the Developer's Contractor shall apply for and receive all necessary permits from the City and/or government agencies having jurisdiction. F. Construction - The construction, installation and materials shall be in accordance with the plans and specifications approved by the City. G. Insurance - The Developer will cause each person who constructs and installs any Improvement to maintain complete insurance coverage including Workmen's Compensation, Liability and Property Damage. 5. Performance Deposit: For the purposes of assuring to the City that the Improvements will be completed according to the terms of this agreement, and that the Developer will pay all claims for work done and materials and supplies furnished, the Developer has deposited with the City at the time of the execution of this agreement an irrevocable letter of credit in a form satisfactory to the City providing that the City is able to draw upon such letter of credit in its sole discretion to complete the Improvements if the Developer fails to satisfactorily complete the work prior to the completion date specified in Section 4 above. The amount of such deposit shall not be reduced before substantial completion of the Improvements. The letter of credit shall expire no sooner than May 1, 2000 and shall be automatically renewable for a period of up to six (6) months. 6. Fees and Expenses: The Developer agrees to pay all City fees required per the current City Fee Schedule and further agrees to completely reimburse the City for all the variable additional expenses it incurs in regard to the review and approval of the Improvements including, but not limited to, direct City payroll and overhead, costs, and fees paid to consultants and other professionals. 7. Resolutions of City: Developer agrees to be bound by the provisions set forth in all resolutions of the City Council approving the Development. 8. Binding Effect: The terms and provisions hereof shall be binding upon and inure to the benefit of the heirs, representatives, successors and assigns of the parties hereto and shall be binding deemed covenants running with the land. References herein to. Developer, if there be more than one, shall mean each and all of them. This agreement to be executed by the Developer, shall be placed of record so as to give notice hereof to subsequent purchasers and encumbrancers of all or any part of the subdivision and all recording fees, if any, shall be paid by the Developer. Initials of Subdivider Initials of City Clerk Page 3 of 7